The true insanity of London's housing market

grizzly1911

"Yep, property in the capital is now so far removed from the rest of the UK, that it really must be considered as a market unto itself - so say estate agents.

As prices continue to increase at more than double the pace of the rest of the UK, we take a close look at just what's happening to homes in the capital:"

http://uk.finance.yahoo.com/news/london-property-market-in-graphs-165123211.htmlAn interesting set of graphs.

CLAPTON

people are buying houses in London

apparently there is no force being used and there are willing individual buyers and willing individual sellers

indeed I know several people who are buying/selling in London at the moment

of course if all the housing associations/councils, sold off their properties the current tenants could move out of London with a generaous bonus and retire by the seaside and working people could find a cheaper home near where they work in London

dacouch

Also worth noting that virtually no houses are built in inner London now days, just flats so the older housing stock will be the only houses available for future generations

IronWolf

Its interesting that the number of loans being given is still far below pre recession peak

This suggests price increases are being caused by wealthly cash buyers, probably foreign.

When are the government going to stop foreigners buying up all our housing stock leaving us nowhere affordable to live?

dryhat

You could snap up this beauty for just under £1million .....

http://www.rightmove.co.uk/property-for-sale/property-42016234.html

MGCP

dryhat wrote: »

You could snap up this beauty for just under £1million .....

http://www.rightmove.co.uk/property-for-sale/property-42016234.html

I see that has been the cause of considerable comment on the HPC website.

Conrad

IronWolf wrote: »

When are the government going to stop foreigners buying up all our housing stock leaving us nowhere affordable to live?

If we did this, France and Spain might impose similar on British overseas buyers.

will456

MGCP wrote: »

I see that has been the cause of considerable comment on the HPC website.

Yeah but im told they are nuts over at HPC, worth every penny surely.

IronWolf

Conrad wrote: »

If we did this, France and Spain might impose similar on British overseas buyers.

I see nothing wrong with that, as someone that will probably look to buy somewhere in France in the future too

somethingcorporate

dryhat wrote: »

You could snap up this beauty for just under £1million .....

http://www.rightmove.co.uk/property-for-sale/property-42016234.html

:rotfl:

It would cost about 20% of that up here.

Absolutely mind-boggling that such a crap, small house can be worth so much.

the_flying_pig

IronWolf wrote: »

Its interesting that the number of loans being given is still far below pre recession peak

This suggests price increases are being caused by wealthly cash buyers, probably foreign...

lots fewer transactions is the main reason for this.

london has a huge proportion of the UK's mortgage debt, plenty of leverage going on here, e.g. see http://www.theguardian.com/money/2013/dec/17/london-quarter-mortgage-loans.